Whether tax audit required for both business and profession?
This query is : Resolved
17 October 2023
Business turnover is 15 Lac - 44AD complied. Professional turnover is 7 Lac- Profit 2 Lac only- 44ADA not complied (less than 50% of gross receipts-44ADA not eligible). Total turnover under the PAN is 22 Lac. Can we do 44AB for profession and adopt 44AD for business?
17 October 2023
Tax audit not applicable in both the cases.
17 October 2023
Yes I agreed with Mr CA R SEETHARAMAN Sir,
As per Your query Tax audit not applicable. But, the professional income must be u/s 44AA. otherwise profit will be declare 50% (or above)
17 October 2023
Sir, Kindly note that professional income is less than 50% of gross receipts. There fore Tax audit u.s. 44AB(d) applicable. In that case whether audit required for business also?
18 October 2023
Audit not required for business as opted for 44AD.
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